IRS Rules

If you’re an employee who has deducted unreimbursed job expenses in the past, know that this deduction is now no longer available under the Tax Cuts and Jobs Act. However, employers can consider reimbursing employees directly for the cost of expenses like tools, uniforms, travel or continuing education. Employers can still deduct those expenses on their business returns. Ask your employer about reimbursement. Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and...

The IRS urges taxpayers to beware of fake calls to return money from tax return refund checks that have been deposited in error into bank accounts. Scammers either pretend to be collection agency employees or use a recorded message threatening people to return the refund. These scammers have already filed fraudulent tax returns and used the taxpayers’ real bank accounts for the deposit. If you get a call from someone claiming to be an IRS agent or collections agency employee asking for money, review the situation before you take action. Read the IRS’s Taxpayer Guide to Identity Theft, and contact your tax preparer right away. Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and...

With all of the headlines about the changes to tax law, you probably have lots of questions. Here are answers to some of the most common questions taxpayers have this year. I’m hearing about a lot of changes to 2018 taxes. What should I do? A. You’re right, there are a lot of changes in 2018 due to the passage of the Tax Cuts and Jobs Act (TCJA), including to the income tax brackets. The simple answer to the question “What should I do?” is to not make any major changes until you finish filing your 2017 taxes. Once you understand your 2017 tax obligation, you are in a better position to plan for 2018. However, there are a few things you can start thinking about now. Depending on where you fall in the new income tax brackets, you may want to consider ways to lower your taxable income. This could include increasing your contributions to 401(k) retirement accounts or health savings accounts (HSAs). You’ll also want to make sure your employer has adjusted your federal tax withholding so that you don’t have to wait to receive a large refund (or tax bill) next year. You can review the IRS withholding calculator using your latest pay stub data to make sure the changes are accurate. What is the penalty amount if I didn’t have health insurance in 2017? A. The penalty per adult is calculated as the greater of either $695 or 2.5 percent of your yearly household income, up to a maximum of $3,264 for individuals or $16,320 for a family of five or more. Note that the penalty is still in place for tax years 2017 and 2018. The TCJA eliminates the penalty for 2019 through 2025. Is Social Security taxed? A. It depends. You won’t pay tax on more than 85 percent of your Social Security income, but how much gets taxed depends on your income bracket. If your combined income is less than $25,000 for the year, you won’t pay tax on Social Security income. When is the last day to do my taxes? A. Technically, Tuesday, April 17. But don’t wait until the last minute. Ask for help to get started now, or to file an extension so you have time to complete your tax return later. The sooner you file, the sooner you can get your refund. It usually takes about three weeks to arrive from the date you file. Also, remember you need to keep most tax related documents for at least three years, so don’t toss your paperwork after you file. The IRS contacted me, what should I do? A. Ask for help. There are numerous scammers who impersonate the IRS during tax season. The real IRS will never contact you via social media, email or text message. In addition, an IRS agent will not contact you over the phone unless you first receive official correspondence in the mail. If you have received a notice in the mail, immediately ask for help to determine how to proceed. These are just a few of the questions people have during tax season. If you have more, don’t forget to bring them to your 2017 filing appointment. Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and...

Those who care for people who are sick, elderly or disabled are often up against a lot of challenges. Fortunately, there may be a handful of tax breaks that can help. They include the medical expense deduction, the Child and Dependent Care Credit, and the new family credit in the Tax Cuts and Jobs Act. Give us a call if you have questions. Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and...

Several tax breaks were revived for use in 2017 tax filing by last month’s federal budget bill. Among them are four you may be able to take advantage of: the tuition and fees deduction, the mortgage insurance deduction, the mortgage debt forgiveness exclusion and the energy-efficient home improvement credit. Give us a call if these tax breaks should be considered for your 2017 tax return. Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and...

The Tax Cuts and Jobs Act has changed the way unearned income is taxed for your children. In the past, interest, dividends and other unearned income used to be taxed in phases. The first $1,050 was tax-free, the next $1,050 was taxed at the child’s rate and any additional was taxed at the parent’s tax rate. The act now calls for all of a child’s unearned income to be taxed using the estate and trust tax table. Call us if you have questions about how the changes will affect your situation. Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and...

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